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and services among consumers, they are chronically bad at creating a balance between deficit and surplus regions. a geographic problem, and intertemporal. remember -- if that comes first, suddenly the money lender who later becomes a banker who later becomes wall street plays a hugely significant role in this process. the banker is the conduit of that recycling mechanism. when they get an increase in proportion as the result of their mediation of that process. given that, a failure of the banker is not the same thing as the failure of a clothes maker. suddenly, there are two things that must happen. one, society will demand that banks are not allowed to go to the wall. then bankers are affectively given carte blanche, free money for themselves. and the whole mechanism breaks down like in 2008. it is often said in the eurozone, we made a huge error in europe of binding disparate economies by means of common currency. this is not the first time these if things that happened. it happened in the united states of america. you have disparate economies in the united states of america that are
than what people are getting -- >> on social security. that's nothing to did with the deficit. >> but the fact that all of these things need to believe in the grand bargain, sort to speak -- >> they do not. social security shouldn't even be on the table because it is nothing to do with the deficit. doesn't contribute to the deficit. and we're talking about the deficit. why should social security be discussed in that context? >> completely off the table? >> absolutely. absolutely. and that was the -- and that was our position during the campaign. social security has nothing to do with the deficit. does not contribute to it. walled off from it. its own trust fund with $2.7 trillion in it at the moment. and the american people by huge majorities say we shouldn't be cutting social security or for that matter medicare benefits. you can cut medicare in ways you don't cut benefits and the hypocrisy of republicans that said that democrats are terrible because they took $716 billion from medicare for obama care and what do we want to do? pocket the cuts and add more. our chief demand i
a plant to grow the economy and shrink our efforts -- deficit. it is a balanced plan, one that would cut spending in a responsible way and ask the wealthiest americans to pay a little more. i will keep working with anybody serious about getting a comprehensive plan like this done because it is the right thing to do for our economic growth. we are not at the point where in a couple of days, the losses at the americans' tax rates are going up. the americans paycheck will get a lot smaller. that would be the wrong thing to do for our economy. it would hurt middle-class families and it would hurt the businesses that depend on your spending. and congress can prevent it from happening, if they act now. leaders in congress are working on a way to prevent this tax hike on the middle class and i believe we may be able to reach an agreement that can pass both houses in time. but, if an agreement is not reached on time, i will urge the senate to hold an up or down vote on a basic package that protect the middle tax from the income tax hike, extends vital unemployment insurance and lays the groundwo
trillion in new debt. trillion dollars deficits as far as the eye can see and all he wants to fight for is higher taxes that will fund a mere 8 and a half days of government. frankly nothing but a pathetic disgrace. you the american people deserve a government that lives within its means. you deserve a government that is not obsessed with using your money to accumulate their power. it is time for americans to understand the simple truth of what is going on here. a truth by the way that an abusively biased news media just ignores. joining us now with reaction as america is on the brink republican senators pat toomey and ron johnson. senators, welcome back. >> hi, sean. >> hi, sean. >> sean: let's start with the meeting today. senator toomey, i'm told that the president wassed adamant n the meeting and didn't come off, are the original request was to keep tax rates at the same for the middle class but everybody above $250,000 going up. is that what you heard? >> i haven't heard about specific elements of the conversation, sean, i wasn't in the room. what i do understand from people w
forget which sound bite said it, but come is that this will not add one crept to the deficit -- one cent to the deficit, but money for first time in history that more people are taking out than putting in, treasury tooks money and spent it on missiles, paper clips and pens, now they have to write the check, they owe money to all of social security resiv resip rec. >> if we ranur be the way that washington runs theirusiness there would be a huge problem. tom: they would be in jail. >> or lose a job or out of business. i'm confident this message will be delivered, someone has to tell the public on a consistent basis we cannot sustain this. tom: i got a comment the other day from said -- someo that said, don't you think, this is the problem, this is not an entitlement they say pause we paid into it the come was, don't you think there issu are hundref billions of dollars they could cut first. >> that is the real problem is the budget. tom: talk to me about there is two social security funds, the old age, and survivor's fund, retired people. and there is the disability fund. we added 8 almost
grow at 4% asleep at the the right policies in place. my views will never fix the deficit soccer in the dirt. [applause] so therefore you shouldn't take my word for it. you should take the word for the people who are experts on the economy. and here's our product. you are the first to see it. so we published a book, "the 4% solution." jim is going to introduce many of the folks who are here who have written some of the chap verse. and then brendan miniter come in the very able editor at the bush summer will be conduct in the panel. if you please welcome jim glassman, founding executive director of the george w. bush institute and has led us nobly in her first 18 months of existence. for practice have you here. it's for coming. [applause] >> thank you, president bush. panelists may. president bush talk to you about what we are doing in africa. one of the waste to sum up what the bush institute does is advancing freedom. you can't be free if you're sick. he can't be free either if you live in a society ruled that the gators as the people of our brand or syria or cuba do. but the fr
taxes. if the goal is to reduce the deficit, their goal of cutting taxes is not relevant to that goal so there's no overlap of potential agreement here. that's why there's no deal. >> let's take a listen to a very conservative retiring senator said, soon to be former senator joe lieberman, who is respected and seen as a deal maker. what we need right now is a deal. let's take a listen to something he just said. >> if we allow that to happen, it will be the most colossal, consequential act of congressional irresponsibility in a long time, maybe ever in american history. >> joy, i think what he's saying there and going over the cliff is not that this would be the worst thing congress has done on an objective scale, but the notion of doing something so bad for no reason is pretty frustrating, isn't it? >> i disagree with his characterization it would be the most irresponsible thing. i think messing around with not raising the debt ceiling and risking the default on the american debt was probably the most irresponsible thing we've seen this congress do, but the thing we need to remember, thi
, the thing we're trying to avoid, the actual danger to the economy, is that we will get too much deficit reduction too quickly. if reducing the deficit was what the economy needed we could go right off the cliff and leave it there. you can see it in this graph, that line going down. that is the fiscal cliff, we went over our deficit problems, gone baby, totally, totally gone. one thing the fear of the fiscal cliff shows by the way, in the fox hole, everyone's a kinsian. everyone agrees. that is number one. too much austerity way too quickly. president obama is not asking for that much in taxes. it's worth getting a bit of perspective in here. you'll be shocked to know, we got a graph for that. here's what happens if we go over the cliff. you get more than $5 trillion in tax increases off the bat. and now here's what happens if we pass the sainted simpson bowles plan. you've heard of the plan. they have 2.6 trillion in tax increases. president obama's latest offer to john boehner has 1.2 trillion in taxes. that is half as much, less than half than simpson bowles, and less than a quarter o
. gerri: let's talk about entitlement programs and the impact on them. social security will have a deficit this year of $6 billion yet again. can't keep up with social security. what is the longer-term impact of what is going on on these programs? >> we really do need to have a deal on a big problem, which is the national debt larger than the economy, driven by broken entitlement programs. medicare has a huge deficit, $300 billion every year. 10,000 new beneficiaries every day. medicaid deficit finance right now. those are key parts of a safe bet that we'll b will be fallinr their own financial weight unless they are fixed. what we really have to do on behalf of the next generation. gerri: they want to raise the debt ceiling again, as a matter of fact by monday we will be out of dough. it is unconscionable to me we are in this position again. let's remember what happened last time. the market sold off, the economy went into the tank. will that happen all over again? >> i think it is a serious possibilities out like to make that they don't mix the debt ceiling in with the fiscal cliff. we h
. i heard one of your previous news segments saying oh this is going to reduce the deficit by a trillion dollars. it's not going to come anywhere near reducing the deficit by a trillion dollars. if you do this tax increase on the rich, you maybe raise 40 billion dollars a year. that's not nothing, but 40 billion dollars over a year over ten years that's 400 billion. we're running a trillion dollars deficit. this is not a solution and not serious. that's why it always comes back to dealing with the spending side of the aisle because that's where the deficits come from. dagen: last thing, steve, what about the fate of house speaker john boehner because there's a lot more at play than just raising taxes on people who make more than a million dollars with what we saw happen last week? >> yeah, you know, i have always been a fan of john boehner's. i've known him for 20 years. i think he's a strong conservative. he's got a bit of a conservative revolt on his hands dagen. any time you have a high-profile issue like this and you are about to bring to it the floor and you have a rev
the math and we all absolutely agree on the math that you can't get out of the deficit hole we're in by taxing rich people, even if you tax them at 100%. everybody knows that. when republicans say we don't have a tax problem, we have a spending problem, the fact is we've got both and we can deal with that. let me ask you this. you gave your bletszing ing bl proposal that john boehner put forward. so many congressional republicans are scared of voting for something that feels like, looks like, smells like a tax increase because they're worried your organization will come back to haunt them because you signed a pledge. you gave your blessing and they still couldn't get the votes on the floor. what's up with that? why did that not happen? a week ago i was hopeful we might have a deal. >> okay. because the pledge is not to me. it's to the american people. it's to the people of the state that any congressman or senator is from. they have to feel that they can go to their constituents and say i voted against all efforts to raise taxes. i argued having read the boehner plan, it was s
years of the obama administration, on the budget, on deficit, on tax cuts years ago. they came together before christmas. it's hard to see how this works out at this point, to tell you the truth. there is a conference call at 2:30 among house republicans trying to decide what to do. we expect the leadership to let the rank and file know what their plans are. the speaker is not in washington. we understand he is in ohio of his home state. the president has landed here back at the white house in washington. it's unclear exactly where they go from here. essentially what john boehner is saying, you go first, harry reid. harry reid is trying to jam mitch mcconnell into allowing this vote to go forward without the 60-vote threshold, something that's necessary for virtually every vote here in the senate and mitch mcconnell says it's time for president obama to lead. the threshold question is, can something pass the house of representatives? can john boehner put something on the floor that needs the majority of democrat support that will not get republican support and none to speak of that woul
, grow the economy, strengthen the middle-class, reduce the deficit, and to do so in a responsible way. we can and we must get the job done now. i am pleased to yield to the distinguished democratic legislator, steny hoyer. >> i thank the leader for her comments, and certainly agree with her. last night's vote showed us the resolving the challenge of the fiscal cliff cannot and will not be done with a partisan vote. it showed us that we must work together in a bipartisan way, he and that we must preclude going over the fiscal cliff, by a balanced agreement that democrats and republicans him support, the president can sign, and that can pass the senate. we should not seek taxes go up on working-class americans. we should not see doctors put a risk in terms of their delivery of services to seniors. we should not see the alternative minimum tax and put at risk. we need to lend confidence to our country. some years ago, he confronted partisan gridlock. newt gingrich and bill clinton got together to reach an agreement it was very controversial. newt gingrich said -- this is october 20, 1998
, and deal with the long- term deficit. >> those decisions may not happen until 2013. a smaller deal would be temporary, sending congress back to work on the details next year. >> i am not ok with them waiting six months or year kick to get things done. >> jake sherman of "politico" predicts that we will go over the cliff. >> we will not see the government shut down our people not be able to pull money out of banks are things like that. >> still a tough sell for constituency growing tired of the political back-and-forth. >> let's get some things set in place and up and running. >> 1 line of thinking on the hill -- there are many -- if we do go over the cliff that would reset all of the tax issues suchissues. what we do know, the clock is ticking and the waiting game continues, with the house not even scheduled to be in session until sunday afternoon. live of the capitol, steve chenevey wjla. >> will monitor all the negotiations surrounding the fiscal cliff. coming up at 5:30, a closer look at how the country got in this financial situation in the first place. >> we're learning more tonight
.5 trillion in deficit reduction. i don't know if that will be possible in the next nine days. >> all of this symptomatic of the huge casam in washington. >> we talked to rick warren, the author of the -- of "the purpose driven life," the best seller and we talked about washington and talked about newtown and also christmas in this somewhat bleak season. in terms of washington he said he doesn't think politics will solve anything. it really will have to be solved in people's daily lives in terms of their spiritual awakening. he says that the fixing and the blame is so great here that instead of trying to fix the problem we try to place the blame, and he is certainly right about this whether he is right about his prescription that nothing gets done in this town. and we have seen it in this last month of the fiscal cliff. >> looking forward to seeing that interview and others on fox news sunday. thank you very much. >> thank you, doug. and you can catch the entire exclusive interview right here on fox newschannel. it airs after america's news headquarters. >>> the national debt clock ke
have a $16 trillion deficit right now. we have the deficit because of social security, medicaid, medicare, welfare, food stamps -- all policies put into effect by the democratic party. everything is socialism. thomas jefferson said it best -- the republic is doomed. people sacrifice -- i'm a libertarian. i am more objective. i'm not a republican or democrats. i have to wonder if i want to live in this country. 29% of americans got some kind of assistance when ronald reagan was president. i have to consider and i'm considering moving to a tropical island and watching america go down the drain. we need to abolish social security, medicare, and medicaid. host: i will stop you there. we appreciate your thoughts. joseph says -- will go back to stay but by the president on the passing of norman schwarzkopf. host: "his legacy will e ndure." back to your calls. caller: good morning. god bless us. [indiscernible] where is the love? .e're at a church when the president and everybody was running. the church was all over the program. we're in the church. do you know what happened? when we f
to actually solve the debt that's been run up, the deficits to continue, the entitlement reform and tax reform to get more pro-growth, tax reform, and that's the ryan plan, which has actually passed twice by the house of representatives. people can talk -- >> no support from the president. it's not going anywhere. >> the democrats haven't done a budget in three, four year, haven't put anything forward that deals with entitlements. there's one and only one plan that has actually been passed by one house. the president hasn't put anything forward that fixes entitlements. his budget, his plan if you continue it out, you know, to 2040, 2050 takes 38% of gdp and the economy collapses. >> this gets to an issue which others have brought up during the week. it is -- you're right, congressman ryan's plan passed the house but there has been an election and house republicans are only one part of of washington right now. >> and the president is only one part. the republicans actually passed a budget that -- not a budget, not just a budget but a budget plan that goes out through the year, gives you entitle
and celebration and recent tragic events gave this year's holiday a deficit feeling. >> reporter: in newtown, connecticut, it was a day of lingering heartache. empty stockings hung as reminders of loss filled with gifts and police helps for time with their families. >> glad we can do it. >> a pleasure to help them out. >> police officers giving police officers time off, you couldn't ask for a better christmas gift. >> reporter: in the new york area, still without homes because of hurricane sandy, volunteers tried to deliver holiday spirit, handing out food, toys and blankets at relief centers. >> people came out to help people. you can't put a price on that or buy that either. >> reporter: in places spared direct tragedy americans marked it with their own ways keeping those less fortunate in their thoughts. >> when people are suffering and going through hardship, many, many people come to offer their help in whatever they can do. >> reporter: across the nation, americans attended church services and spent time with family and friends. at the mitchell home outside chicago, even young members
deficit. >> hello, you're watching "al jazeera" live from doha. here are the top stories now -- crisis in the central african republic. the president calls for international help to fight rebel forces. >> five years after bhutto's assassination. the son makes his debut. >> u.s. lawmakers give thems a last chance to stop the falling off the fiscal cliff. it's no deal has been actually reached. budget cuts and tax hikes will tax place on january the 1st. >> president barack obama returned to washington deeply meyered in another partisan stalemate. but over in the capitol the lower house of congress remains dark to avert the fiscal cliff. it's republican leader will call the session on sunday. the top senate said his branch of congress must take the initiative on a compromise. >> it appears to me the action if there is any is now on the senate and we will have to see if we're able on a bipartisan to move forward. >> but the democrats say there can be no deal without republican concessions on tax increases. >> unless we get a sign-off from the republicans in the house, we can't get anythin
is still available for 2 million people and lay the groundwork for additional deficit reduction and economic growth steps to take in the new year. but let's not miss this deadline. >> we are working hard to get there in the next 24 hours. i'm hopeful and optimistic. >> whenever we come up with will be imperfect. some people will not like it, some people will like it less, but that is where we are. >> the democratic leader said it will prevent a tax hike on middle-class families are not up to a quarter million dollars. that condition, in line with obama's campaign pledge to raise taxes on the wealthiest 2% of taxpayers ought. it is a condition that so far is unacceptable to republicans want to extend current tax breaks regardless of income. the pressure will be elements of the house republicans to follow through. at this point, it is an open question. >>> at least six people in pakistan have been killed, dozens injured in an explosion in karachi. it ripped apart a bus parked on the road and a hotel was also damaged. they're still no word on what caused the explosion. the police s
economy two to three, four years. no deal is only shot we have. we need cuts and deal with the deficit. you have can't do this in a way to do in a sudden flash. >> juan -- >> juan: hold on. excuse me. do you think republicans have no complicity in passing two wars without funding them? and passing prescription drugs, no funding -- >> andrea: last time i checked a majority of democrats voted if for war. >> juan: republicans voted for this as well is all my point. >> andrea: entitlement, they're not miles apart? >> juan: they're not. >> andrea: what is the plan. >> juan: put on the table change the cpi and change the rate of growth. >> what table? >> eric: slow the rate of growth is not a cut. >> juan: it is. >> eric: it's not. >> juan: even boehner says it's a cut. the left thinks it's a cut. secondly, the president has -- go up to 400 if you want. so what we are talking about is a cut for 99% of americans. they keep tax cuts. you think republicans would celebrate. >> drinking the kool-aid. >> eric: i agree with you that the republicans are no better in this debate. >> juan: oh, well th
nothing on entitlement reform, it doesn't come close to reducing the deficit, much less the $16 trillion debt, soon-to-be $18 trillion debt. so i'm not going to vote for a pan sea. i'm not going to go around washington and hope the editorial boards are happy and pat each other on the back. your viewers ought to demand a solution. and what we are going to do in the next week is a deal. and they deserve better than a deal. >> you know what is disconcerting, the millions of americans that can't afford to go on vacation that are worried about their tack pass and finances and how to feed their family and how to write those checks for the bills that they know are coming. and yet then you have members of congress and such going on vacation, even the president himself. we would all like to go to hawaii but honestly it was very upsetting. so many people i talked to over the holidays they are saying what are they doing? they should be sitting there doing the tough work we pay them to do, representing us in their various districts and states. >> the optics are terrible, but here's the reality, kimb
. >> this is a manufactured crisis. we don't have a short-term deficit problem. we have a jobs and growth problem and we have a faltering recovery. we should put off the sequester. put off this grand bargain. come back. let the bush tax cuts expire. make sure the middle class doesn't have to pavement the schif a manufactured media drama. >> laura: wow, can you say out of touch? joining us now from new york is maxwell a democratic strategist and guy benson the political editor for "town hall.com." okay. this is quite something. we have been hearing from the obama white house, the congressional budgetffice and any number of conservative economistst that this is serious. that we have got to get this thing done that we have got to get it in order. or at some point america's full faith and credit is going to go away. we are not going to look so good to the rest of the world as far as credit risk. so let's talk to you about this. is this a manufactured media crisis or does something substantial need to be done here? >> well, i certainly think that the fiscal cliff, that language is a manufactured media narrative.
. and really, is not interested in a balanced approach to deficit reduction. it's been pretty clear that that's the story we have been telling and it happens to be the truth. >> i understand that two of colleagues proposed cuts to medicare for a hike in the debt ceiling. what do you make of that offer? >> i think one of the things that people don't realize is that it's a dirty little secret. the republicans don't want to cut the things that americans want cut. and they want to cut things that americans don't want cut. poll after poll shown americans do not want deficit reduction done by cutting medicare and medicare and social security. so they propose and saw the same scenario when paul ryan put the budget out and because the american people rejected the kind of draconian cuts that the republicans want to make so, you know, that's a nonstarter in the senate. i think it's a nonstarter with the president. sure can pass the house but going nowhere past that. >> the smaller offer we hear that the president is making at 3:00, to congressional leadership, what kind of offer would you like to see t
to finally be able to tax the wealthiest americans, to deal with some of the deficit. your sense of whether president obama and your fellow democrats in the senate and house will stay the course on this or will eventually compromise in a way that many progressives would regret? >> first of all, we have a divided government. president obama's election said one message, the election of republican house of representatives since another. the actually, working at odds here. you have republicans who will not raise taxes for anyone making more than $250,000 a year, and looking at entitlement cuts. yet democrats that say you have any taxes for those who make under $250,000 and no cuts to the low-you had democrats as a you have no taxes for those -- no tax cuts for those making under $250,000. we're going the wrong direction. why have we been talking about stimulating the economy through jobs? we seem to accept a certain amount of unemployment as being necessary for the proper functioning of the economy, so that for corporations and will keep wages low. that is baloney. we are creating our own econo
deficit. it is time for the president to step up. knowing this fiscal cliff was going to take place for well over a year, the president has not acted in good faith. what we are doing today is three things. number one, we are moving a centralized negotiation back to where it should become a decentralized basis, so 435 house members can vote and speak on it and express their baby opinion. hopefully the senate can take it and amend, but this debate belongs inside the united states capitol. last year, we heard so much about the 99%. this will give tax breaks to them. it is permanent. this is good for the economy. it is good for economic growth. i urge a yes vote on the rule. >> i have no further. >> gentleman from california. gentleman reserves his time. >> i cannot say it enough. the legislation is a step backward. plan b, plan c, neither is a serious proposal but are designed to get headlines. they are making it harder to find common sense solutions to the impending fiscal cliff. the time for the games is over. it is time the majority comes to the table with a serious proposal. as i s
about how california is broke, there's a structural deficit. there isn't a structural deficit anymore. there's $1.9 billion -- >> yeah. >> but that is small. it was $25 billion just a couple years ago. this problem is a good part of the way toward being solved, and i think if people would have -- i don't think people even still completely understand that. and to me, the big question is, are the democrats, now that they have two-thirds majorities in each house, are they going to blow it up again and create new deficits like when gray davis was in charge, by rewarding in spending and locking in unions and things like that. >> and i think the democrats do have the supermajority in both the state senate and the state assembly, but a lot of the new freshmen coming in are from more centrist districts. they won by small margins, and i don't think it's a foregone conclusion that they're going to be steam-rollering with big government. voters also passed prop 39, which closed a corporate tax option of -- some would call it a loophole to pay a lower tax. that brings another $1 billion into the
, we still have this bigger challenge out there of how are we going to fix the deficit and debt problem in this country? we know we have to make hard choices. we know the parties have to work together, and they've got to get to work on this as quickly as possible. >> maya, with the greatest of respect, it seems to me your logic is all over the place. it's very clear the nub of the discussion, the squealing that we have at the moment is whether or not to extend tax cuts. that is, in effect, saying we are going to balloon the deficit further. this is not a conversation about actually fixing the debt, is it? that's not what we're talking about at the moment. we're squealing over, let's keep the deficit big. you seem to be arguing that that's exactly what we should be doing. >> let me explain, because it is more complicated than often things are discussed in washington. the problem with the fiscal cliff is it would put in place deficit reduction, but it would put in deficit reduction too much, too quickly, and with the wrong parts of the budget. so it would let all of the tax cuts expire, i
the deficit so social security cuts remain on the table but in the mean time, the president proposed his own plan b, to extend the bush tax cuts on income under $250,000. >> once this legislation is agreed to, i expect democrats and republicans to get back to washington and have it pass both chambers and i will sign the legislation into law before january 1st of next year. it's that simple. >> well, i was surprised by the events this week in terms of the boehner total disaster. i just -- i didn't really get the whole plan from the beginning and i don't understand why you have people vote for a tax increase that mappings to break the pledge that they've all signed but it has no chance of becoming law and clearly, his caucus didn't understand it either. dillon what did you think? >> two things. first and foremost, i think boehner was trying to get action in washington, which we haven't seen and people have been very critical of this move. i thought it was a fairly shrewd political move in that if they were able to actually get the package passed -- >> right. >> it would have put the ball back
of these politicians, mayors, governors should take a half cut pay to pay down the deficit. host: we are going to move on to darwin on the line for independents. caller: it is like the pentelikon, back in 1968 i was even fighting with the pentagon over budgets. you always had to have everything kept the same. nobody was going to change anything because next year there were going to pop everything by 10%. they told you got to worry because you would get 10% more. that goes all the way back to 1968. they just keep dwelling on one thing over and over again. i would like to know from the boston globe or the herald is asking for pictures of -- host: let's move on to del on the line for democrats. caller: this is an outrage that they cannot tax the wealthy by an additional 4%. this is the lowest tax rates that have ever paid in the united states. considering that their incomes are vast compared to what they used to be many years ago when they paid a much higher rate, they are wealthy and they do not want to pay. 4% does not amount to enough to affect the deficit. maybe we ought to consider 15% or something
-defense cuts, and you have this huge amount of revenue, deficit reduction, it is hard to see what demands the republicans think will be easier to make, the new year. guest: you have also seen all the polls that show that the president's popular the is close to an all-time high, and the polls show definitively that the republicans will be blinged if we go over the cliff and taxes go up. that was before the debacle of this past week. it has been a bad week for conservatives. it sounds to me like they're continuing to be a little delusional. host: when you make a public threat, you better be able to back up -- guest: washington wizards might have had a worse week. from a political standpoint, this was a monumental embarrassment for the speaker. host: i want to make sure i get the title of this correct. "the guide to the federal budget." how big is the federal budget? how much do take in? , to do spend? how much is $16 trillion? >> total payroll spending will be about $3.80 trillion. revenues will be about $2.80 trillion. we have a deficit of about $1 trillion. that is for fiscal 2013. that a
to worry about and doesn't matter if they sell a lot at the low price. this year, it's deficit and have a lot of inventory. they have gone from managing sales to inventory, that's where the profits go out the window. they want to sell out than sell off. >> more people bought gift cards this year than bought product? >> you tell me, what was on your list this year new and exciting. >> nothing. i wanted socks and shirts. >> you have two things happening, more gift card because nobody knows what to get you- >> and i returned them. >> and they bought you a bad gift so they frankly didn't know what to get you so they foot go something and you will drive more product. >> for $100 go on a gift card how much doesn't get spent? >> 80% don't spend the money and those that do spend spend 116%. stores do like it when they get you in. 16% never get redeemed, money sitting in a drawer. >> marshall, thank you. >> the big old -- what is that a windsor? >> a windsor. double windsor. >> why? >> you try to change the look. don't always want to go narrow. is that a brioni tie? >> what is this a foreign han
the difference between the annual deficit and the national debt. the national debt is the fiscal cliff. we say it's unsustainable. from a mathematical standpoint, it is almost insurmountable. the only thing these taxes will do, i have graduate students who could not put into words what a trillion dollars was. host: go ahead and finish your thought on what these taxes will do. caller: what they will do is they will give the politicians a little leeway to fool around with the national deficit, the annual deficit, but they will not put a dent in the $16 trillion debt that we owe. that is the problem. host: we appreciate that call. over the past couple weeks, c- span has been conducting interviews with some of the retiring members. we have been showing those interviewed this week. tonight, one of the retiring members we spoke with is representative lynn woolsey, a democrat of california, served about 20 years. here's a portion of that interview. [video clip] >> i was on welfare because my children, ages 1, 3, and five years old, their father was diagnosed manic depressive, he would not do anything ab
reduces the deficit $23 billion. the last farm bill that we passed was completely paid for at my insistence, as budget committee chairman. if everybody else were functioning the way the agriculture section has, we would not have a problem. we in the agriculture committee face up to reality. we had more pay-for spend expenses. -- baena expenses. i think it demonstrates this is possible to do. by you've got to have leadership. and you've got to have people who are willing to make some tough decisions to get it done. >> we have about five minutes. you have decided to leave your papers to george washington university. why is that? >> i went to george washington university and got my master's in business there. they are tremendous resources there to take advantage of this collection, which is really loaded with history. >> what kind of things will researchers and historians find in your papers? >> they will find that kent conrad has had a single-minded focus on fiscal responsibility for 26 years. my staff says a remarkable thing in looking at this collection is how consistent i've bee
insurance for two million americans and lays the groundwork for further work on both growth and deficit reduction. >> jared, is this actually a setback for the president in so far as the embarrassed speaker with someone at least with whom he was dealing? and now, the president really doesn't have a negotiation partner? >> i do think it's a setback from the nation because the president and speaker boehner were actually moving to a credible, plausible compromise at the very beginning of the week. of course, that's horribly off track now when john boehner decided to go to plan b. i think the president's lever raj, if anything, is enhanced by this. the problem is that i don't know why republicans would nibble at this idea of essentially passing the senate bill. that's what he was describing today. sometime before the end of the year. then they can have a massive tax cut for the broad, middle class and call it a day. >> the prospect of a grand bargain is absolutely gone for the near turn. there's no way they can craft that in the few days that they have between now and the end of the year. t
congress is on pluto and we're all on earth. they say they want deficit reduction. if you go over the cliff, you get deficit reduction, you just don't get it in the responsible, accountable way. it's like chopping off on arm. >> like says i want a shower, i'm going to niagra falls. >> they still can't get it done. we're dysfunctional. no other explanation. >> i think they can stop the roller coaster and make it go. they're doing a dance now because republicans don't want to do something to rates. obama wants to play hardball. but i think they'll have a different argument later in the year. >> i guess both believe it's better to go over the falls than cut a deal that's going to hurt them at home. tea party people don't respond to boehner or to cantor or mccarthy or any of them. somebody in the next tea party is going to be yelling from the back, you sold us out. i think that's why the tea party is never going to be functional. they don't really respond to getting things done. they respond to anger back home. >> i think 2014 democrats are also aware of these tax increases. they don't want to
and deficit reduction. that fell apart and talks have largely been stalled this entire time. there was a lost pressure to get something done. we have seen some of the impacts of the fiscal cliff. consumers saying they have been more cautious with their holiday spending because of the uncertainty in washington. economists warn it could get worse and the markets could be foiled if we go over the fiscal cliff. taxes will go up for the average american by about $2,000 and could put us back into a recession. >> which nobody wants to see. kristen welker in hawaii. the president is coming back, but they haven't gotten the 48 hour notice. they are very much out there in play. thank you very much for joining us. appreciate it. when the senate returns tomorrow morning, there will be a new emphasis on members taking a larger role in the fiscal cliff negotiations that based off the current offer may only have a smaller deal. a member of the budget committee and outspoken voice on the left side of the aisle. thanks for joining me. good morning. >> mire pleasure. >> we were saying a lack of urgency in wash
then for additional deficit reduction and economic growth steps we can take in the new year. >> reporter: if the congressional leaders don't reach a deal by december 31st, the financial markets could one is a bit and, consider this. the current congress is only in session until noon on january third. after that, 13 new senators and 82 new house members would take over and try to solve the problem and that is an overwhelming task out of the gate. back to you. >> thank you for. that. >>> we want to get back to the weather. let's take a live look outside. the snow and rain has tapered off here in the district, at least, but it's getting colder. maryland state officials are warning drivers to stay off of the roads if they don't have to be on them and get the latest on conditions with tucker barnes. he has the first look at the weekend weather. >> reporter: things are getting better out there and the storm system is long gone. the winds are picking up and overnight lows below freezing and there is a live look at satellite radar and you can see the rain and/or snow across the region and pushin
: will that tax solve the deficit spending? >> it will if you include 2%, 250,000 for couples, 200,000 for individuals and above. you start taxing capital gains and dividends, reinstate that and get rid o $109 billion in corporate taxes every year. you're looking it over $300 billion. ." tom: upside-down by trillion closet -- a trillion dollars. not even close to fixing the deficit spending. still adding to the debt under republican and democrat programs >> this kind of class warfare rhetoric is serving a purpose. the reality is the proposed tax increases will fund the federal government for approximately eight days. it might make people feel good and that's a reason to pass it. frankly, i don't hear any politicians talking reality but the fiscal problems facing the country which is democrat or republican. tom: do you have any hope that the blame game can be put aside so they can get some work done? in the private sector these people would be fired. >> absolutely. this is a do nothing congress, the least active in four years when it comes to policy making, and the reason we are her
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